Second Portfolio Investment

Aseana Properties Limited
31 May 2007

Date:             31 May 2007
On behalf of:     Aseana Properties Limited ('Aseana' or 'the Company')
Embargoed until:  0700hrs


Aseana Properties Limited
• Second investment in property portfolio
• Total investment of US$65.5m in one property in Malaysia

Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in
Malaysia and Vietnam, today announces it has completed its second acquisition
since listing on the Main List of the London Stock Exchange in April 2007.

Aseana is investing US$65.5 million in an upscale residential project in
Malaysia, named Seni Mont' Kiara. Seni Mont' Kiara is a 605-unit luxury
condominium development located in Mont' Kiara, Kuala Lumpur. This project sits
on 8.83 acres of freehold land and will consist of two 46-storey blocks and two
16-storey low rise blocks. The Gross Development Value of the project is
approximately US$286 million and construction has commenced.

The Company has acquired the property from Legacy Essence Limited ('Legacy') for
a consideration of US$65.5 million (RM225.0 million), which is made up of
approximately US$39.1 million (RM134.9 million) in Aseana shares and US$26.4
million (RM91.1 million) in cash, which will be paid from the Company's existing
funds.

The property was the subject of an Exclusivity Agreement between Legacy and the
Company prior to flotation, full details of which are contained in the Listing
Prospectus published by the Company. The Company subsequently entered into an
Acquisition Agreement with Legacy on 27 April 2007. The development of this
property will be managed by Ireka Development Management Sdn. Bhd., a wholly
owned subsidiary of Ireka Corporation Berhad, a company listed on Bursa
Malaysia.

Aseana has invested US$40.9 million of the US$162 million raised at flotation
and is on track to invest the remainder of the funds by April 2008. The Company
is in detailed discussions regarding a number of potential acquisitions in both
Vietnam and Malaysia.

Commenting on the latest acquisition, Dato' Mohammed Azlan bin Hashim, Chairman
of Aseana Properties Limited, said:

'Ireka Development Management, the Manager, has had considerable success with
luxury residential developments in the Mont Kiara area of Kuala Lumpur in
Malaysia, which is popular with the growing young, upper middle class population
in the city. Mont Kiara is also a favourite amongst the expatriates' community
in Kuala Lumpur. We have every confidence that this success will be replicated
with this development and the other Mont Kiara properties in Aseana's portfolio.

'Seni Mont Kiara is the final development making up the Initial Property
Portfolio that we highlighted at the time of our flotation on the Main Market of
the London Stock Exchange. These properties are representative of the type of
developments we are targeting and provide a solid foundation from which to roll
out our investment strategy in Malaysia and Vietnam.'


Enquiries:

Aseana Properties Limited                           Contactable via Redleaf

Redleaf Communications                              Tel: [phone]
Emma Kane / Samantha Robbins / Paul Dulieu          Email: [e-mail]

Fairfax I.S. PLC                                    Tel: [phone]
James King


Notes to Editors

• Ireka Development Management, the Manager, is a wholly-owned subsidiary of
  Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993,
  which has 40 years of experience in construction and property development.

• The Company will typically invest in development projects at the 
  pre-construction stage, with a primary focus on location within the major
  cities of Malaysia and Vietnam.

• Investment will be made in projects where it is believed there will be a
  minimum 30% annualised return on equity ('ROE') on investments in Vietnam
  and a minimum 20% ROE on investments in Malaysia.

• No one underlying single asset will account for more than 30% of the gross
  assets of the Company at the time of investment.

• It is the intention that the Net Proceeds of the Placing will be fully
  invested in accordance with the investment policy within 12 months of
  Admission.

• The Directors believe the following factors should provide sustainable growth
  in the real estate sectors of both Malaysia and Vietnam:

        • An increasing standard of living and urbanisation driven by a
          burgeoning young and middle class population
        • Clear Government role in encouraging participation of private sectors
          in real estate development, as well as encouraging and promoting land
          and property ownership
        • Improving availability of mortgages to encourage property ownership
        • Favoured Foreign Direct Investment (FDI) destinations driving demand
          for commercial and industrial properties



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